6 October 2001
Equity Office Properties, biggest real estate investment trust in the US, has revised its earnings expectations for 2002, cutting the expected range of fully diluted funds from operations (FFO) from $US3.57-3.62/common share to $US3.40-3.50, a cut of 4.8-3.3%. The trust will release its third quarter 2001 result on 30 October. Equity Office owns 670 buildings containing 1.2 million m2 of office space.
5 October 2001
Colonial First State Property of Australia, now under the wing of the Commonwealth Bank, has joined English property investor MEPC in selling the Australia Fair shopping centre (half each) on the Gold Coast to Taiwanese businessman Fu Hsien-ta for a total $A161.5 million, at a 9.25% yield. Australia Fair has 61,000mÂ² of shops, cinemas, a council library and some offices on 4.8ha at Southport. Mr Fu’s Yu Feng group owns 18 Australian shopping centres worth more than $A1.1 billion.
Henderson Land Development Ltd’s net profit fell 25% to $HK4.39 billion in the June year after operating profit from property sales fell 77% to $HK1.46 billion. Henderson Land is Hong Kong’s third biggest developer.